What is Ethereum?
Most people have heard of Bitcoin, and some even use the word to replace the term “cryptocurrency” altogether. But Bitcoin is just one of over 1,700 digital currencies out there. Ethereum is the second largest cryptocurrency by market capitalization as of late July 2018. As of July 26, it was almost at $50 billion. Ethereum utilizes the same blockchain technology as Bitcoin and puts it to an entirely different use.
What is Ethereum: Changing the Cloud As We Know It
Today, websites have all their data stored in “the cloud”. “The cloud” may seem generally vague and hard to understand from someone outside of the tech world. Simply put, cloud technology allows you to access the information that’s stored online wherever you like as long as you have Internet access. The cloud is both a technological marvel and somewhat vulnerable. The companies that have your logins, private information, and all other data have the information stored at a centralized location – the cloud. Ethereum uses blockchain technology, as we have explained before on our blog, to ultimately accomplish their goal of creating a decentralized network to store data and reduce the risk of detrimental data hacks.
Ethereum allows you to join or create smart contracts, and allows for an exchange to occur without a middleman’s services.
What is Ether?
So, now that you understand that the answer to “What is Ethereum?” is that it’s simply another blockchain technology, it’s important to know the name of the actual coin and what it can be used for. In other words, Ethereum is the system and Ether is the cryptocurrency facet of that system. Ether are the individual “coins” or pieces of code that are used on the blockchain ledger. Ether is available at your local Pelicoin ATM, and once you get some, you can store them in these different wallets.
Hardware Wallets
Hardware wallets are the safest kind of storage. They’re not free, but they’re easy to use and back up. Hardware wallets can be set up through a number of software apps where you can then manage your Ether exchanges on that platform.
Software Wallets
Software wallets are free and almost as easy to use as hardware wallets, just slightly less secure. You can download a software wallet onto your phone or desktop from a variety of platforms, and manage your Ether exchanges from there.
Online Wallets
Online wallets are also free and easy to use, but definitely more vulnerable than hardware and software wallets. Obviously, they’re accessible online, and although your information should be recoverable from the platform’s server, be sure to keep your username, password, and PIN somewhere safe.
How Can I Use My Ether?
Here are a few ways you can put your Ether to good use.
Smart Contracts
As mentioned above, Ethereum is used a lot for smart contracts. This is mainly due to its unlimited, fast processing. Ether can be used in the execution of a smart contract.
Shopping
You can use Ether to pay for goods and services. You can buy things on Overstock.com, PizzaforCoins, and so much more.
Investing
Ethereum’s market capitalization has grown from over $78 million in November 2015 to over $47 billion in July 2018. Buying the cryptocurrency today has the potential turn great profits in the future.
Get Started With Ethereum with Pelicoin ATMs
Learn more about The Stability of the Cryptocurrency Market and other topics on cryptocurrency on our blog, and check out Pelicoin’s many locations to get started with Ethereum today! Learn more about Pelicoin and contact us today at +1 (504) 507-0879 or support@pelicoin.com.